When Thomas Gottstein took over the management of Credit Suisse (CS) in mid-February 2020, he was apparently firmly convinced that things could only go uphill from there.

Shortly thereafter, in close cooperation with other top executives, he privately bought CS shares on a large scale via the stock exchange.

However, that turned out to be a bad investment.

At that time, a share certificate in the Swiss bank, which is one of the largest wealth managers in the world, cost more than 13 francs.

Today, the papers are only worth half that.

John Knight

Correspondent for politics and economy in Switzerland.

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The stock market crash reflects the chain of scandals that caused CS billions in losses and, worse still, damaged the trust of many customers.

Although he has worked for the bank for more than two decades, Gottstein did not see the risks and imbalances coming.

Despite this blind flight, the 58-year-old Swiss is still at the helm of the financial giant with its more than 50,000 employees.

But the question keeps popping up: for how much longer?

Considerations of a change of power

The financial investor Artisan Partners, which is one of the ten largest CS shareholders with a stake of 1.5 percent, recently openly spoke out in favor of replacing Gottstein.

Earlier, the Bloomberg news agency reported that the CS board of directors was holding initial talks about potentially replacing Gottstein.

This could happen “already this year”.

But the chairman of the board of directors of the crisis-ridden bank, Axel Lehmann, doesn't want to know anything about that.

He is fully behind Gottstein "because he's good," Lehmann told CNBC.

He denied that there had been talks about a changing of the guard.

Other investors called him and said, "Axel, make sure you stabilize the company and don't turn all the wheels at once."

Lehmann himself is a fairly new cog in the complex machinery of Credit Suisse.

The 63-year-old Swiss was on the road for arch-rival UBS for many years and only moved to the CS board of directors in October last year.

The fact that he took over the presidency there in January was solely due to the hubris of António Horta-Osório.

The former head of the Lloyds Banking Group had to give up his highly paid supervisory position on Zurich's Paradeplatz after just eight months because he believed he could violate corona quarantine rules unnoticed and with impunity.

Lehmann, who is as sober as he is down-to-earth, cannot be expected to be so stupid.

In his new role, he hit the ground running and made further management changes.

However, he left Gottstein in office.

The reason: "With so many new appointments, there needs to be someone at the top who knows how the whole organization works and who the key customers are," said Lehmann in the "NZZ".

As soon as a successor for David Mathers, who has already been formally retired, is found, there will only be Gottstein left of the old guard on the board.

The business graduate grew up in investment banking at CS and, before being appointed to the top, managed business in the Swiss home market for five years, where the key discipline of wealth management also plays an important role.

In this respect, it is true that he knows the bank inside out.

But that's exactly what you could blame him for.

Gottstein has been a member of the bank's board of directors for seven years.

Why hasn't he recognized the glaring flaws and gaps in risk management that have painfully exposed over the past year?